Real estate blockchain project Propy witnessed an 90% surge of its token’s value as Coinbase’s asset management arm is set to tokenize real world assets.
On Dec. 13, 2023, Propy‘s PRO token surged a significant 93% within just one day after the U.S.-headquartered crypto exchange Coinbase announced plans to double down on real world assets tokenizing.
According to CoinGecko data, PRO surpassed in a moment the $0.83 threshold, propelling the token’s market capitalization up to $40.7 million.
The raped increase of PRO’s value followed Coinbase’s announcement of its venture called Project Diamond, a platform for issuing and trading blockchain-based debt instruments.
As crypto.news reported, the launch came amid intense competition to integrate traditional financial assets like bonds and credit into blockchain systems. This process, known as the tokenization of real-world assets (RWAs), is believed to enhance settlement speeds, reduce operational costs, and increase transparency.
As of press time, Project Diamond is accessible only to registered institutional users outside the U.S.
Even though Propy was not announced as a backbone for Coinbase’s latest initiative, the news itself was enough to trigger positive sentiment among PRO holders and pump the token’s price.
As Propy appears to be following the same approach, the project’s whitepaper describes its mission is to automate the real estate transaction process by offering tokenization solutions based on smart contracts.
According to asset management firm 21.co, the market for tokenized RWAs is projected to reach $10 trillion by 2030.